Generally speaking, money transfers are real-time transactions in that a transaction begins when a sender initiates the transaction at the time the money is to be sent to a receiving party. For example, a money transfer may be utilized in an emergency setting such as when a receiving party has an immediate need for funds. In such a transaction, a sender initiates a money transfer transaction with a money transfer service, such as with a local agent located within a MoneyGram® location. When the transaction information is gathered and the structure of the transaction is finalized, the sender provides the funds to a money transfer agent at or before the time that the funds of the transaction are actually transferred.
Once the funds are received at the time of the transaction, the agent may then provide a transaction code or some other form of transaction identifier to the sender. The sender will then provide the transaction code or identifier to the receiver. With this code the receiver may enter an agent location and complete the transaction and receive the transferred funds.
As can be seen, money transfer transactions typically only involve a sending party, receiving party, and intermediary money transfer service. This has been historically true due to the nature of customer needs (e.g. privacy concerns, the need to utilize cash, etc.) and the need to control for transaction security (e.g. to provide more certain authentication in order to mitigate fraud). As personal electronic devices have become more prevalent, portions of money transfer transactions have become more automated. However, such automated portions of transactions often still tightly control where transaction information is received and sent, thereby maintaining the primary contact between the sender/receiver and money transfer service. For example, a single sending party may utilize a device to provide transaction information to a money transfer service entity via a web portal or application administered by the money transfer entity, whereupon the money transfer service entity will stage/execute the transaction and possibly notify the receiving party at the receiving party's electronic device.